08 June 2016 Current Affairs: United Biscuits president Jayant Kapre has quit after leading the maker of McVities biscuits to a Rs 150 crore-plus company in six years .
Kapre is joining American flavours maker International Flavors & Fragrances (IFF), a business-to-business supplier of flavours to makers of soft drinks, biscuits, confectionery and alcoholic beverages. He is taking over as managing director of the firm.
United Biscuits is yet to name a successor to Kapre who was the first employee of the British biscuit maker in the country, joining as president for India and South East Asia in 2009.
An alumnus of IIM-Ahmedabad, Kapre, 43, started his career at Hindustan Unilever in 1996, and later worked with Gillette, Accenture, Wrigley and PepsiCo before joining United Biscuits. McVities, which hit the Indian market in 2010, is now doing sales of over Rs 150 crore.
Over the past six months, the brand has moved beyond its high-margin core digestives segment to Marie biscuits and cookies aimed at the mass market.
While Parle Products and Britannia are vying for the top spot in the Rs 26,000-plus crore biscuits sector in the country followed closely by ITC, other such as United Biscuits and Mondelez have been gaining share in niche segments such as digestives and cookies.
United Biscuits was acquired by Turkish food and beverage firm Yildiz Holding two years back, making UB-Yildiz the world's third largest biscuits player after Mondelez and Kellogg. Yildiz, which owns Godiva chocolates and De Met's Candy Company, had acquired UB from private equity firms Blackstone and PAI Partners for about 2 billion pounds (about Rs 20,000 crore then).